6 Game-changing Performance Management Trends to Lookout for in 2021!
The rise in remote working during the global pandemic in 2020 has birthed new trends in the future of performance management. Employers will, inevitably, have to dive into modern ways of tracking employee performance in order to keep their employees engaged and motivated. Holding onto that thought, let’s look at the top performance trends you can adopt to shape your team in 2021.
1. Onboarding, off-boarding, and transitioning remote workers – These primary processes will have to take a new form now with a large influx of remote workers coming in 2021. Automation will save a lot of time for HR administrators. Other essential factors include disseminating policies, culture, responsibilities for the role, and points of contact for the new hire. Your managers can tailor these processes according to the requirements using HR admin tools. Similarly, with offboarding, you can learn why people leave the business by logging grievances so that better hiring decisions can be made.
2. A shot at reskilling – Reskilling programs essentially offer employees an opportunity to learn a new skill set. However, more than three-quarters of employees want to learn new skills, but two-in-five claim they lack the time to take advantage of reskilling. (Mercer). Therefore, HR managers need to come up with innovative ways to boost employee performance by helping them develop themselves professionally. Ensuring your employees are equipped with the skills they need will ensure a solid boost in their confidence, enable career advancement, and expand their knowledge base.
3. Enabling data-driven performance management – It is time to accept and appreciate the role of analytics especially within employee performance management. Data-driven performance management relies heavily on factual data to allow HR managers to make informed judgments and decisions about employee performance. It intends to highlight employee strengths & weaknesses objectively. Improving employee experience, reducing turnover and increasing productivity and engagements are just some of the aspects that can be bolstered by analytics. For instance, data-driven tools and software can evaluate an employee’s performance in order to decide how much raise to offer.
4. Understanding the employee experience – The sudden shift to remote working during the Covid-19 pandemic has uncovered harsh truths about the quality of employee experience tracking in many businesses. The future of performance management claims that businesses and HR managers should heed the challenges faced by their employees when working remotely using available tools. The tools will work with employees to set development objectives, keep them engaged via news feeds and social intranet, gather their feedback regularly and also improve motivation amongst employees through recognition and rewards.
5. Rethinking performance appraisals– 89% of HR professionals agree that conducting employee performance management on an ongoing basis is more effective than yearly or twice-yearly reviews. (HR.com). Gone are the days of annual performance appraisals because continuous feedback systems have taken over with the changing times. Millennials and Gen Z employees are especially responsive to ongoing feedback since they are accustomed to continuous social media feedback. Recurrent one-to-ones and check-ins can be conducted via performance management tools. If your business is facing communication issues due to remote working practices, it is time to acquaint your HR managers with tailored 360 feedback forms for department heads, team leaders, colleagues, and external customers. Continual feedbacks will create a constant dialogue to improve employee skills and enhance growth in line with the company goals.
6. Embracing employee well-being – Did you know, according to the World Health Organization, depression and anxiety have led to $1 trillion (annually) in lost productivity? To acknowledge the drastic change in working conditions for your employees, you need to prioritize the mental health and well-being of your employees by embracing digital strategies that track sentiment and provide the support that your employees need. For instance, it could be a software system that pings employees from time to time for a mental health check-in. Such efforts will also help you foster strong relationships in the workplace, facilitating employee retention and engagement.
The future of performance management points towards a reality that if your organization is ready to embrace the rising technology and digitization, you can navigate these new trends easily to support your employees, thereby, fulfilling your company goals in the long run.